The Senate voted again on Iran war powers, but the measure still failed to pass. This means that the White House’s ability to use force in the Middle East remains essentially unconstrained, and the geopolitical risk premium can’t come down.
The market has already reacted to this. $CL is now at 94.28, up 1.79% over the past 24 hours, moving quite steadily. For oil, I lean bullish for now: as long as there are no concrete signals of easing in the Middle East, a pullback to around 92 on $CL should be support. Above that, I’ll first look to see whether it can hold near 96.
$XAU , however, didn’t follow through—4272.38, down 0.48% over the past 24 hours. In theory, risk-off should mean buying gold, but this time the capital clearly went to oil first. I think $XAU 4250 is the key level: if it holds, there could still be an opportunity for a catch-up rally; if it breaks, be careful.
Right now, the two products are moving in opposite directions—don’t expect them to surge together. Oil’s certainty is stronger than gold.
#gold
The market has already reacted to this. $CL is now at 94.28, up 1.79% over the past 24 hours, moving quite steadily. For oil, I lean bullish for now: as long as there are no concrete signals of easing in the Middle East, a pullback to around 92 on $CL should be support. Above that, I’ll first look to see whether it can hold near 96.
$XAU , however, didn’t follow through—4272.38, down 0.48% over the past 24 hours. In theory, risk-off should mean buying gold, but this time the capital clearly went to oil first. I think $XAU 4250 is the key level: if it holds, there could still be an opportunity for a catch-up rally; if it breaks, be careful.
Right now, the two products are moving in opposite directions—don’t expect them to surge together. Oil’s certainty is stronger than gold.
#gold